Cushman & Wakefield Sells Redevelopment Opportunity in Hudson Yards
A redevelopment opportunity at 355-357 West 39th Street, located on the north side of West 39th Street between Eighth and Ninth Avenues in Hudson Yards, was sold in an all-cash transaction valued at $7,400,000.
The site currently consists of a four-story mixed-use building with six residential apartments on the top three floors and two retail units on the ground floor in addition to a two-story building in the rear with two triplex apartments both of which have courtyards. The buildings combine for approximately 8,406 gross square feet on a 40’ x 74.08’ lot. All units are free market and have leases expiring within one year, providing income with imminent development potential in what will be the new epicenter of New York. This site holds up to approximately 17,838 buildable square feet.
The property is located near the city’s more popular recreational facilities, tourist attractions, shopping destinations and dining establishments. Expected to hold upwards of 24 million square feet of Class A office space in addition to 13,500 residential units, Hudson Yards is anticipated to attract a vibrant and mixed community of artists, technology companies, and media and financial firms. Additionally, it will be home to approximately 1 million square feet of retail that will serve tourists, residents, and professionals who will come to take advantage of over 20-acres of public parks and convention spaces.
“Located in close proximity to the transformation occurring at the Hudson Yards, not only does the property have immediate value through the in-place income, but it offers the purchaser significant future potential by way of development,” said Cushman & Wakefield’s Stephen P. Palmese, who exclusively handled this transaction with Bob Knakal, Chairman – New York Investment Sales. “We have sold over 4 million buildable square feet in the Hudson Yards district recently and the activity continues to increase, seemingly on a monthly basis,” said Knakal.